today's features
pro member exclusive

empower staff to make mistakes (safely)

older man and younger man having meeting at desk

think of it as teaching judgment.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: recently a colleague asked me: “how do you teach judgment?” and before i could respond, he answered it himself with “you can’t teach judgment!”

more: 47 types of business valuation to provide | referral fee? forget it | how much is your tax practice worth? | merge in lower-priced work without losing out
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response: everyone working for you has and uses judgment – they have homes, families, organizations they belong to and they manage their career. each of these requires their exercising judgment many times a day. they all have judgment.
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advisory & consulting

seven things you must know about ai

be serious, not amused.

by hitendra patil
rise of the aiccountants

unless you live under a stone, you would have heard about all the craze chatgpt has created recently. and most likely, you, too, are amused by it.

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an artificial intelligence-powered tool, it is one of the first that allowed people to directly interact with ai in a familiar way how we use chat functions on mobile phones and websites. this ease of access and usage gave it a huge fan following. moreover, it triggered a tsunami of new ai tools emerging all over the internet.
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outlook & analysis

remote work will see cuts; pe will trickle down

child with stuffed animal pointing at woman's computer screen

corporate form of governance is seeing more acceptance.

by marc rosenberg
the rosenberg map survey

editor’s note: every year, the rosenberg map survey asks the industry’s top consultants to share their observations from cpa firms across the country. how do you think the next 12 months will unfold? also, how would you assess the last 12 months?

  • private equity shows signs of trickling down to sizeable local firms (say $15-30 million firms).
  • the aging of baby boomers – ages 57-75 – continues but at some time in the next five years or so, their tremendous wave of retirements will abate somewhat and there may be fewer sellers.

more: three ways firms can succeed in 2024 | firms must choose best workplace model | outsourcing, remote work will help firms grow capacity, revenue | private equity leading to corporate-style cpa firms | five ways staff shortages are changing firms forever | partner incomes surge 11.4%
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  • artificial intelligence has ramped up its awareness in the cpa firm market. though many have warned of the negative impact of ai, its upward trend is relentless and knows no bounds.

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management

why you need progress billing

smiling woman wearing glasses, looking at computer screen

seven steps to setting it up and four benefits.

by august j. aquila
price it right: how to value accounting services

there are many things that are critical for a successful client service engagement. in my mind, there are two that should be at the top of your list.

more: sixteen marketing activities to try | make your practice better | eleven marketing strategies for smaller firms | five questions for developing your marketing plan | you only have four strategies | the damage that traditional fee methods do
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number one is providing the client with a progress report or reports. number two is making sure that you progress bill and provide a change order if the scope of the engagement changes. doing both ensures that you will have a happy client and get paid promptly for your services.
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marketing & sales

four things to know about social media

man's hand writing social media strategies on a whiteboard

talking to prospects when prospects can talk back.

by bruce marcus
professional services marketing 3.0

editor’s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert’s evergreen work, which retains wisdom for the present.

there are four things to know about what we now call the social media.

first, it’s media – a means of communication, a medium, not of itself a magic carpet. which means that its value lies in its ability to convey ideas and facts to a vast world of viewers. which means, as well, that we’re back to the old computer nostrum of “garbage in, garbage out.” or to paraphrase another (if contrarian) view, it’s not the medium, it’s the message.

more: how and why client service teams work | when clients think they know marketing | how to put target marketing into context | everyone in your firm is marketing | accountants vs. lawyers: who wins the marketing battle? | professional services marketing requires flexibility | how to set marketing objectives
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second, it substantially changes the world of marketing. in the old marketing, we talked to people who couldn’t really talk back (other than by buying or not buying what we were selling). very primitive and cumbersome.
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